ACCA - Financial Reporting

ACCA-Financial Reporting

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Course Content

1. Overview
2. FR Course Relationship
3. Assumed Knowledge for FR
4. Exam Structure
5. Syllabus Aims
6. Syllabus and Study Guide September 2021- June 2022
7. Syllabus PART A-The Framework
8. Syllabus Part B- Accounting for Transactions
9. Syllabus Part C- Analysing and Interpreting Financial Statements
10. Syllabus Part D- Preparation of Financial Statements
11. Syllabus Part E- Employability and Technology Skills
12. Useful Resources
13. Useful Resources- using Myacca
14. Pass Rates
1. Introduction
2. Generally Accepted Accounting Principles (GAAP)
3. International Accounting Standards Board (IASB)
4. IFRS Development Process
5. IFRS Harmonization and Convergence
6. Exam Focus
1. Introduction and Purpose of the Conceptual Framework
2. Qualitative Characteristics
3. Elements of Financial Statements
4. Recognition and De-recognition
5. Measurement
6. Fair Value Measurement (IFRS 13)
7. Fair Value Measurement Considerations
8. Activity-Principal Market Vs Most Advantageous Market
9. Fair Value Measurement-Inputs
10. Valuation Techniques
11. Exam Focus
1. Introduction
2. Overall Requirements of IAS 1
3. Objectives of Financial Statements
4. General Features of Financial Statements
5. Statement of Financial Position
6. Statement of Financial Position- Real World Example
7. Statement of Financial Position- Local Example (Ethiopian Airlines Group)
8. Statement of Profit or Loss and Other Comprehensive Income
9. Statement of Profit or Loss- Real World Example
10. Statement of Profit or Loss and OCI- Real World Example
11. Statement of Profit or Loss and OCI- Local Example (Ethiopian Airlines Group)
12. Statement of Changes in Equity
13. Statement of Changes in Equity-Local Example (Ethiopian Airlines Group)
14. Exam Focus
1. Introduction
2. Quiz-Correcting Prior Period Error
3. Accounting Policies-Selection and Application
4. Changes in Accounting Policy
5. Accounting Estimates
6. Prior Period Errors
7. Quiz- Accounting Estimates
8. Activity-Prospective Application
9. Exam Focus
10. Quiz-Change in Accounting Policy
1. Introduction
2. IFRS 15 Core Principles
3. Five Step Process
4. Step 1- Identifying Contract
5. Step 2- Identifying Performance Obligations
6. Activity-Identifying Performance Obligations
7. Real World Example- Performance Obligations
8. Step 3- Transaction Price
9. Transaction Price- Significant Financing Component
10. Activity- Significant Financing Component
11. Step 4- Allocating Transaction Price
12. Activity-Allocation of Transaction Price
13. Step 5- Recognizing Revenue
14. Step 5- Recognize Revenue- Example
15. Quiz #1
16. Input Vs Output methods
17. Technical Article- Revenue Revisited
18. Balances in SoFP
19. Technical Article- Contract Assets and Contract Liabilities
20. Contract Costs
21. Principal Vs Agent
22. Repurchase Agreements
23. Bill and Hold Arrangements
24. Consignment Arrangements
25. Chapter Summary
26. Quiz # 2
27. Exam Focus
1. 1.Introduction
2. 2.What are Inventories
3. 3.Initial Measurement
4. 4.Cost flow Assumptions.m4v
5. 5.Subsequent Measurement
6. 6.Activity-Cost Vs NRV
7. 7.Agricultural Activity
8. 8.IAS 41-Recognition and Measurement
9. 9.IAS 41-Illustration
10. 10.Exam Focus
1. 1.Introduction
2. 2.Acquisition of PPE
3. Quiz # 1
4. 3.Initial Measurement
5. 4.Subsequent Costs
6. 5.Depreciation
7. 6.Activity-Changes in Depreciation Estimates
8. Technical Article-Part 1- PPE Measurement and Depreciation
9. Quiz # 2
10. 7.Subsequent Measurement
11. 8.Recognizing Revaluation
12. 9.Example-Accounting Upward Revaluation
13. 10.Example-Accounting Downward Revaluation
14. 11.Revaluation and Depreciation
15. 12.Depreciation after Revaluation
16. 13.Disposal of PPE
17. Technical Article-Part 2- PPE Revaluation and De-recognition
18. Quiz # 3
19. 14.Chapter Summary
20. Technical Article-Part 3- PPE Summary and Detailed Examples
21. 15.Exam Focus
1. 1.Introduction
2. 2.General Principle
3. 3.Specific Borrowing Cost
4. 4.General Borrowing Cost
5. 5.Commencement of Capitalization
6. 6.End of Capitalization
7. 7.Activity
8. 8.Exam Focus
9. Quiz- Borrowing Cost
1. 1.Introduction
2. 2.Definitions
3. 3.Recognition and Measurement
4. 4.Grants related to Assets
5. 5.Activity-Grants related to Assets
6. 6.Grants related to Income
7. 7.Breach of Grant Conditions
8. 8.Illustration-Breach of Grant Conditions
9. 9.Illustration-Breach of Grant Conditions Continued
10. 10.Additional Issues
11. 11.Exam Focus
12. Quiz- Government Grants
1. 1.Introduction
2. 4.Subsequent Measurement
3. 5.Change in Use
4. 6.Accounting for Change in Use
5. 7.Activity-Transfer from PPE to Investment Property
6. 3.Recognition and Measurement
7. 2.What is Investment Property
8. 8.Activity-Transfer from PPE to IP continued
9. 9.Exam Focus
1. 1.Introduction
2. 2.What are Intangible Assets
3. 3.What is Goodwill
4. 4.Recognition Criteria
5. 5.Research and Development
6. 6.Initial Measurement
7. 7.Activity-Inital Measurement
8. 8.Subsequent Measurement
9. 9.Activity-Development Cost
10. 10.Exam Focus
11. Quiz-Intangible Assets
1. 1.Introduction
2. 2.Scope of IAS 36
3. 3.Indicators of Impairment
4. 4.Annual Test of Impariment
5. 5.The impariment Test
6. 6.Fair Value Less Cost of Disposal
7. 7.Activity-Value in Use
8. 8.Recognizing Impairment Loss
9. 9.Activity-Recognition of Impairment Loss
10. 10.Allocating Shared Cost to CGU
11. 11.Allocating Impairment Loss to CGU
12. 12.Activity-Impairment of CGU
13. 13.Reversal of Impairment loss-Individual Asset
14. 14.Reversal of Impairment Loss for CGU
15. 15.Exam Focus
16. Quiz- Impairment of Assets
1. 1 Introduction
2. 2 Lease Identification
3. 3 Activity - Identifying a Lease
4. 4 Lease Term
5. 5 Lessee Accounting
6. 6 Lease Liability - Initial Measurement
7. 7. Illustration - Calculation of Lease Liabilitymp4
8. 8 Right-of-Use Asset - Initial Measurement
9. 9 Illustration - Right-of-Use Asset
10. 10 Subsequent Measurement
11. 11 Illustration - Subsequent Measurement
12. 12 Answer to Illustration - Subsequent Measurement
13. 13 Recognition Exemptions
14. 14 Sale and Leaseback
15. 15 Illustration - Sale and Leaseback
16. Quiz
17. 16 Exam Focus
1. 1.Introduction
2. 2. Definition of Event After Reporting Period
3. 3. What are Events After Reporting Period
4. 4. Adjusting Vs Non-Adjusting
5. 5. Dividends
6. 6. Activity-Adjusting Vs Non- Adjusting
7. 7. Real World Example
8. 8.Exam Focus
9. Quiz- Events After the Reporting Period
1. 1.Introduction
2. 2.Current Tax
3. 3.Deferred Tax
4. 4.Temporary Differences
5. 5.Activity-Tax Base
6. 6.Activity-Non Current Assets
7. 7.Activity-Non Current Assets (Continued)
8. 8.Approaches to Deferred Tax
9. 9.Step 2
10. 9.1.Step 3
11. 10.Taxable Vs Deductible
12. 11.Step 4
13. 12.Revaluation and Deferred Tax
14. 13.Activity-Revaluation and Deferred Tax
15. 14.Activity-Revaluation and Deferred Tax (Continued)
16. 15.Exam Focus
17. Quiz- Income Taxes
1. 1.Introduction
2. 2.Chapter Outline
3. 3.Group Structure
4. 4.IFRS 10 and Control
5. 5.Control-Criterion 1
6. 6.Control-Criterion 2
7. 7.Control-Criterion 3
8. 8.Activity-Control
9. 9.IFRS 10 Exclusion and Exemptions
10. 10.Separate Financial Statements (IAS 27)
11. 11.Consolidation Mechanics
12. 12.Consolidation Considerartions
13. Quiz
14. 13.Exam Focus
1. 1.Introduction
2. 2.Consolidation Concept-Revisited
3. 3.Overview of Consolidated SoFP
4. 4.Activity-Consolidated SoFP
5. 5.Goodwill
6. 6.Consolidated SoFP with Goodwill
7. 7.Non Controlling Interest-Fair Value Method
8. 8.Non Controlling Interest-Proportionate Method
9. 9.Post Acquisition Profit
10. 10.Impairment of Goodwill
11. 11. Activity-Consolidated SoFP- Five Workings Approach
12. 12.Five Workings Approach
13. 14.Unrealized Profit-Inventory
14. 15.Activity-Unrealized Profit in Inventory
15. 16.Unrealized Profit-Non Current Asset
16. 17.Activity-Unrealized Profit-PPE
17. 18.Exam Focus
1. 1.Introduction
2. 2.Goodwill Calculation
3. 3.Fair Value of Consideration
4. 4.Deferred Consideration
5. 5.Share for Share Exchange
6. 6.Contingent Consideration
7. 7.Non Controlling Interest
8. 8.Net Asset of the Subsidiary
9. 9.Adjustment to Recognize Asset & Liability
10. 10.Adjustment to Remeasure Fair Value
11. 11.Activity-Goodwill Calculation
12. 12.Fair Value Adjustment-Subsequent Periods
13. 13.Activity-Fair Value Adjustment
14. 14.Accounting for Goodwill
15. 15.Exam Focus
1. 1.Introduction
2. 2.Overview of Consolidated SPLOCI
3. 3.Mid year acquisition
4. 4.Activity-Mid year aquisition
5. 5.Intragroup transactions
6. 6.Unrealized Profit in Inventory
7. 7.Activity-Intragroup Sales
8. 8.Fair Value Adjustments
9. 9.Disposal of Subsidiary
10. 10.Activity-Disposal of Subsidiary
11. 11.Exam Focus
1. 1.Paula Group-Consolidated SoFP-Question
2. 2.Consolidated SoFP-Solution
3. 1 Mims Co - Sample Exam Question
4. 2 Mims Co - Sample Exam Question
5. 3 Mims Co - Sample Exam Question - Answer
6. 1 Loudon Co - Sample Exam Question
7. 2 Loudon Co - Sample Exam Question - Answer

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ACCA-Financial Reporting

Course Content

Introduction

Chapter 1-International Financial Reporting Standards

Chapter 2- Conceptual and Regulatory Framework

Chapter 3- Presentation of Financial Statements (IAS1)

Chapter 4- Accounting Policies (IAS 8)

Chapter 5- Revenue from Contracts with Customers (IFRS 15)

Chapter 6- Inventory and Biological Assets (IAS 2 & 41)

Chapter 7- Property, Plant and Equipment (IAS 16)

Chapter 8- Borrowing Costs

Chapter 9- Government Grants (IAS 20)

Chapter 10 - Investment Property (IAS 40)

Chapter 11- Intangible Assets (IAS 38)

Chapter 13- Impairment of Assets (IAS 36)

Chapter 14 - Leases (IFRS 16)

Chapter 16- Events after the Reporting Period (IAS 10)

Chapter 17- Income Taxes (IAS 12)

Chapter 19- Conceptual Principles of Groups (IFRS 10)

Chapter 20- Consolidated Statement of Financial Position (IFRS 10)

Chapter 21- Consolidated Adjustments (IFRS 10)

Chapter 22- Consolidated Statement of Profit or Loss (IFRS 10)

Revision Session

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